Indian crypto traders may pay tax for using foreign exchanges
“If a crypto exchange is based out of India, and is not impacted from GST implication, then the receiver who is based out of India will be liable to pay GST on a reverse charge basis,” an unnamed finance ministry official reportedly told local media.
If this tax comes into effect, investors trading on foreign crypto platforms may pay a 30% tax on income generated from such trades, 1% tax deducted at source (TDS) as well as GST reverse charge.